"Korea's First and Largest Global Company Creator, a Giant of the Economy, Has Passed Away"

Condolences from Politics and Business
Jung Sye-kyun: "Remarkable Achievements of Second-Generation Entrepreneurs"
Ban Ki-moon: "Elevated South Korea's National Prestige"
Chung Eui-sun: "Instilled the Spirit of Economic Leadership"
Chey Tae-won: "A Great Loss for South Korea"
Koo Kwang-mo: "A Great Entrepreneur for Advanced Industrial Development"

(From left) Jeong Sye-gyun, Prime Minister; Ban Ki-moon, former UN Secretary-General; Chung Eui-sun, Chairman of Hyundai Motor Group; Chey Tae-won, Chairman of SK Group; Koo Kwang-mo, Chairman of LG Group.

[Asia Economy Reporter Dongwoo Lee] The line of mourners wishing to accompany the final journey of Lee Kun-hee, the 'giant' of South Korea's economy and chairman of Samsung, continued on the third day of the funeral on the 27th. Although Samsung announced that the funeral would be a family-only ceremony according to the wishes of the deceased and his family, visitors paying tribute to the late chairman continued from early morning that day as well. As of 9 a.m., the three-story parking lot near the Samsung Seoul Hospital funeral hall in Gangnam-gu, Seoul, which can accommodate about 460 vehicles, was almost fully occupied by the cars of mourners. In the lobby of the funeral hall, members of the Won Buddhism community who visited the mourning room rang a bell to honor the spirit of the deceased.

The memories of Chairman Lee shared by political and business figures, as well as ambassadors and dignitaries from various fields who visited the mourning room, were unanimous. They remembered him as a business leader who constantly innovated and built a world-class company by looking ahead 10, 30 years into the future. When he succeeded as chairman in 1987, Samsung's pre-tax profit was around 200 billion won, but he grew it to 71.8 trillion won (as of the end of 2018). He was the first to show that a Korean company could become number one in the global market.

Hyundai Motor Group Chairman Chung Euisun, who visited the funeral hall the previous day, recalled him as "a person who strongly instilled the spirit of being number one in every sector of our country's economy." Chairman Chung said, "It is truly regrettable that such a great person has passed away," paying tribute to the late chairman. SK Group Chairman Chey Tae-won expressed his respect by saying, "It is a great loss to lose the person who created Korea's first and largest global company." He also said, "Personally, I feel very sorry and saddened." Former UN Secretary-General Ban Ki-moon also mourned, saying, "He developed Samsung into a world-class company with his high insight into the future and bold spirit of challenge, raising South Korea's national prestige."

After Chairman Lee's passing, Samsung's business philosophy of serving the nation through business has also drawn attention. This philosophy has been the founding principle that runs through Samsung's past, present, and future. It means that Samsung is a national company beyond an individual or family level, and it should be a company that contributes to the national economy and the lives of the people. Following this founding principle, Samsung has identified and invested intensively in new growth businesses that will become 'future food sources.' Chairman Lee inherited the spirit of serving the nation through business from his predecessor Lee Byung-chul and grew Samsung into a world-class company. Doosan Group Chairman Park Jung-won said, "He was a person who propelled South Korea's economy forward. It is regrettable that he passed away too soon." Celltrion Chairman Seo Jung-jin paid tribute, calling him "the second founder who made Samsung a global company." Hanwha Group Chairman Kim Seung-yeon also mourned the late chairman, saying, "This is the saddest day."

The 'final farewells' from those who visited the mourning room on the third day of condolences were similar. LG Group Chairman Koo Kwang-mo, who arrived at the mourning room around 10:38 a.m., said, "He was a great entrepreneur who greatly developed our country's advanced industries," adding, "It is truly regrettable that many senior business leaders are no longer with us to provide guidance." LS Group Chairman Koo Ja-yeol expressed his condolences, saying, "I believe he has gone to a good place."

Political leaders also visited the mourning room one after another to pay their respects. Prime Minister Chung Sye-kyun, Democratic Party leader Lee Nak-yeon, and People Power Party emergency committee chairman Kim Jong-in, among other ruling and opposition leaders, visited the mourning room. Former National Assembly Deputy Speaker Shim Jae-chul visited again on this day to comfort the bereaved family. Prime Minister Chung emphasized, "He contributed to raising South Korea's economic status and creating real national wealth and many jobs through semiconductors and various products."

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki also paid tribute, saying, "The late chairman led the way in entrepreneurial spirit and innovative management in Korea's economic development," and added, "The business management strategies and achievements he pursued during his lifetime will be a great stepping stone for Korea to leap forward as a top-tier leading country in the global economy."

The line of mourners from political and business circles is expected to continue until late in the evening. Among major group leaders, Lotte Chairman Shin Dong-bin is expected to visit the mourning room.

Meanwhile, Chairman Lee's funeral procession is scheduled for the morning of the 28th. The burial site is known to be Samsung's family burial ground located within Everland in Yongin, Gyeonggi Province.